Dow hits record high as markets welcome Biden transition and vaccine progress – business live
Rolling coverage of the latest economic and financial news
- Latest: Dow hits new record, near 30k
- Wall Street jumps on transition relief
- 2.45pm: FTSE 100 surges by 1.3%
- Bitcoin hits $19,000 as all-time high looms
- Introduction: Joe Biden can finally start formal transition
- Former Fed chair Janet Yellen set to become first female Treasury secretary
Donald Trump’s decision to (finally) co-operate with the transition process for president-elect Joe Biden helped to drive the Dow to its fresh record high today, says Neil Wilson of Markets.com.
We’re seeing some big risk-on moves this afternoon in the market which we can attribute to some very favourable pre-Thanksgiving flows off the back of Trump giving the green light to the transition, news that Janet Yellen is heading to Treasury and vaccine positivity increasing as the Astra news gets fully digested.
Uncertainties about next year are being cleared out of the way and the vast liquidity put is still positive even if this all looks like it’s a little exuberant.
Related: Trump agrees to begin transition as key agency calls Biden apparent election winner
Even closer….
Intraday high for the Dow Industrials so far today?
29996
You could say we're within striking/spitting/etc distance of 30Khttps://t.co/m7Hp98ZsdW$DIA@cnbc
